The Dubai World Trade Centre Authority (DWTCA) is closer to regulating crypto-related financial activities within DWTCA’s free zone
The Securities and Commodities Authority (SCA) and the DWTCA have entered into an agreement supporting the regulation, offering, issuance, listing and trading of crypto assets and related financial activities within DWTCA’s free zone, according to a release from the trade centre on Wednesday.
“With the rise of new technologies such as non-fungible tokens set to play an important role in the future of commerce, and building on the Future Blockchain Summit, our globally recognised event in this sector, DWTCA is also pursuing ways to offer a sustainable home for this ecosystem, in order to stay future ready,” said Helal Saeed Almarri (pictured below), director general of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM). “The UAE has been at the forefront of blockchain research and implementation and our ambition is in line with the Emirates Blockchain Strategy.”
DWTCA has signed the agreement to expand its existing business licenses, services and incentives. In collaboration with DWTCA, SCA will handle the regulatory oversight of the issuance, offering, listing, and trading of crypto assets as well as the licensing of the associated financial activities that fall under DWTCA’s jurisdiction.
Under the agreement, SCA will oversee, monitor, and inspect entities operating within DWTCA’s free zone.
The SCA and DWTCA will exchange best practices relating to the project, as well as delivering mutual technical support to enhance their understanding of both organisations’ financial systems. The partnership will also include the provision of professional services that specify the responsibilities and obligations of both parties.
Dr. Maryam Al Suwaidi, CEO of SCA said, “The agreement comes in response to directives from H.E. Abdulla bin Touq Al Marri, Minister of Economy and SCA Board Chairman, to enhance cooperation and exchange knowledge and expertise with various government departments, authorities, and institutions to work collaboratively and achieve common goals.”